| Summary, etc |
IPSAS are high-quality worldwide financial reporting standards for public sector entities to use to control government accounting in response to calls for greater government financial accountability, transparency, and value relevance. The aim of this study is to examine the effect of IPSAS adoption on financial reporting information of public sector in Lagos State, Nigeria. The study adopted a survey research design. The population for the study comprises 131 officials of the Lagos State Ministry of Finance. The study adopted census method to determine the sample size in which the population is the same as the sample size. The data obtained was analyzed using the descriptive, regression and correlation analysis of SPSS 26.0 statistical tools. The outcome of the analysis revealed that the financial information provided based on IPSAS is not bias and free from material error with a t-coefficient of -2.117 with the p-value = 0.037 ˂ 0.05 and that the financial information prepared on IPSAS basis is easy to understand and free from technical jargons with a t-coefficient of 2.308 with the p-value = 0.023 ˂ 0.05. Also, the financial reporting prepared based on IPSAS basis improves stakeholder’s confidence with a t-coefficient of 4.972 and the p-value = 0.000 ˂ 0.05. The adoption of IPSAS enhances international best practices has a t-coefficient of 2.899 with the p-value of 0.005 ˂ 0.05 is statistically significant at level of significance (5%). Therefore, the study recommends that government should recruit and also engage professionals to drive the process and adoption of IPSAS to reflect stakeholder’s expectation and public confident in financial reporting in the public sector. Also, there should also be measure put in place by governments to check compliance to IPSAS by public sector entities and violators should be punished accordingly to serve as deterrent to others. |
